The securities market is a circulation market including stocks, funds, bonds and other securities, similar to the spot market.

As the name implies, the futures market is "futures", and its essence is a contract with related assets as the subject matter.

The futures market not only trades contracts based on physical assets, such as precious metal contracts, agricultural products contracts and black contracts, but also trades contracts based on financial market indexes, such as stock index futures. The former is delivered in kind, while the latter is delivered in cash difference.

The most relevant to the securities market is the stock index futures contract.

Simply put, the futures market (especially stock index futures, the same below) depends on the existence of the securities market, and the futures market has a great influence on the securities market.

The target of the futures market is taken from the index of the stock market. Without the stock market, there would be no futures market, no trading targets and no objective basis for trading. The futures market has the function of price discovery, which can be seen from the fact that the futures market opened earlier than the securities market. The futures market expresses people's expected price of the index, which is the forerunner of the price and affects people's expectation of the securities market.